6:32PM Lindsay Corp sees Q2 revs below consensus; co expects total Q2 revs to be ~30% to 40% lower YoY (LNN) 31.83 -1.15 : Co issues downside guidance; co announced that it expects total revs in Q2 of FY09 to be ~30-40% YoY, which equates to ~$65.31-75.9 mln vs $94.0 mln First Call consensus. Co says the primary factor for the expected decline in revenue is the significantly lower global, incoming order rate for irrigation equipment. While infrastructure revenues are also expected to be lower in the quarter than the same prior-year period, the Company believes this is due primarily to the timing of project-oriented business. The Company will continue to take appropriate actions in response to economic conditions, including reductions in workforce and discretionary spending and other cost-saving measures. As of mid-January, the Company had reduced its global headcount by 25% since the start of fiscal 2009.
5:23PM Quality Systems beats by $0.01, beats on revs (QSII) 39.15 +0.01 : Reports Q3 (Dec) earnings of $0.46 per share, $0.01 better than the First Call consensus of $0.45; revenues rose 36.2% year/year to $65.5 mln vs the $62.9 mln consensus. For the quarter, the co's NextGen Healthcare Information Systems division posted record revenue of $61.5 mln, up 40% when compared with the same quarter in the prior year and record operating income of $22.8 mln, up 28% over third quarter last year.
4:35PM Informatica beats by $0.01, misses on revs (INFA) 13.01 -0.20 : Reports Q4 (Dec) earnings of $0.24 per share, $0.01 better than the First Call consensus of $0.23; revenues rose 9.2% year/year to $124.4 mln vs the $127.4 mln consensus.
4:16PM Amazon.com beats by $0.13, beats on revs; guides Q1 revs in-line (AMZN)50.00 -0.36 : Reports Q4 (Dec) earnings of $0.52 per share, $0.13 better than the First Call consensus of $0.39; revenues rose 18.2% year/year to $6.7 bln vs the $6.44 bln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $4.525-4.925 bln vs. $4.57 bln consensus. Operating income for Q1 is expected to be between $125 million and $210 million, or between 37% decline and 6% growth compared with first quarter 2008. "We remain relentlessly focused on serving customers with low prices, great selection and free shipping offers, including Amazon Prime ... We're particularly grateful for the unusually strong demand for Kindle in the fourth quarter."
4:13PM Sunpower beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (SPWRA) : Reports Q4 (Dec) earnings of $0.70 per share, $0.13 better than the First Call consensus of $0.57; revenues rose 78.7% year/year to $401 mln vs the $396.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.20-2.80, ex items vs. $2.66 consensus; sees FY09 revs of $1.6-2.0 bln vs. $1.89 bln consensus. "Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," continued Werner. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment."
8:50AM Helmerich & Payne beats by $0.26, beats on revs (HP) 24.83 : Reports Q1 (Dec) earnings of $1.35 per share, excluding $0.01 in non-recurring items, $0.26 better than the First Call consensus of $1.09; revenues rose 36.6% year/year to $623.8 mln vs the $573.2 mln consensus. The significant increase as compared to the prior quarter was mostly driven by higher average revenue and margins per rig day during this year's first quarter. Average revenue per day rose by $2,032 over the previous quarter to $27,066, and average rig margin per day rose by $1,657 over the previous quarter to $14,820. Co says, "Exploration and production companies are currently being very aggressive about reducing their drilling plans in the near term, responding to the double blow of depressed energy prices and dysfunctional credit markets. Given the speed and severity of the current pullback, it is difficult to predict when supply and demand will return to a better balance. Until then, customers seem to be waiting to see where commodity prices stabilize before making final determinations concerning this year's spending plans."
8:07AM Illinois Tool beats by $0.06, reports revs in-line; guides Q1 EPS below consensus; guides FY09 EPS in-line (ITW) : Reports Q4 (Dec) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues fell 5.9% year/year to $3.68 bln vs the $3.67 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.26-$0.42 vs. $0.47 consensus. The 1Q09 forecast assumes a total company revenue range of -17% to -11%. Co issues in-line guidance for FY09, sees EPS of $1.84-$2.48 vs. $2.35 consensus. Co states, The full-year forecast assumes a total company revenue range of -12% to -6%. Briefing Note: This would equate to a range of approx $13.97-$14.92 bln vs $14.72 bln.
8:04AM Kennametal misses by $0.01, misses on revs; guides Q3 EPS below consensus; guides FY09 EPS below consensus (KMT) 18.69 : Reports Q2 (Dec) earnings of $0.35 per share, $0.01 worse than the First Call consensus of $0.36; revenues fell 12.1% year/year to $569 mln vs the $579.7 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.05-0.15 vs. $0.40 consensus. Co issues downside guidance for FY09, sees EPS of $1.30-1.50 vs. $1.89 consensus. Organic sales for fiscal 2009 are expected to be 14-15% lower than for the previous fiscal year.
7:42AM Cash America misses by $0.03, beats on revs; reaffirms FY09 EPS guidance (CSH) 19.75 : Reports Q4 (Dec) earnings of $0.74 per share, excluding restructuring and severance charges, $0.03 worse than the First Call consensus of $0.77; revenues rose 7.1% year/year to $279.7 mln vs the $274.3 mln consensus. Co reaffirms guidance as announced on Jan 22 for FY09, sees EPS of 3.10-3.30 vs. $3.08 consensus. Mgmt enters the first quarter of fiscal 2009 without the earnings attributable to certain markets for its cash advance product that added significant incremental profitability in fiscal 2008. Mgmt has estimated that the net effect of lost earnings due to changes in and the elimination of cash advance markets during 2008 equates to $20 to $25 mln after taxes on an annualized basis (between 66 and 83 cents per share). Mgmt believes that growth in its existing and new markets for its cash advance product will combine with growth from its pawn lending business and will overcome this decrease in contribution but not until the second half of 2009. While mgmt believes that the demand for its credit products will remain intact in 2009, it feels there is a likelihood it will experience higher loan losses associated with the difficult consumer economic environment and it expects pressure on retail margins to support sales activities during the year. Co says, "We experienced an increase in loss rates early in the quarter within our online cash advance portfolio reversing a trend of lower loss rates through September. While we were disappointed by this change, we believe that we have addressed it appropriately and we are still within an acceptable range for this line of business."
7:36AM Alliant Tech beats by $0.04, misses on revs; guides FY09 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs in-line (ATK) : Reports Q3 (Dec) earnings of $1.96 per share, $0.04 better than the First Call consensus of $1.92; revenues rose 5.2% year/year to $1.11 bln vs the $1.14 bln consensus. Co issues downside guidance for FY09, sees EPS of $7.40-7.50 vs. $7.56 consensus; sees FY09 revs of $4.5 bln (previously expected $4.55) vs. $4.55 bln consensus. ATK continues to expect full-year FY09 operating margins to be approximately 10.5 percent, with free cash flow of approximately $260 million. Co issues mixed guidance for FY10, sees EPS of $7.75-7.95 vs. $8.36 consensus; sees FY10 revs of $4.55-4.65 bln vs. $4.87 bln consensus. ATK expects to generate free cash flow in the range of $130 million to $150 million, which includes the impact of making the $150 million prepayment contribution to the company's pension plans, and approximately $120 million of capital expenditures
7:34AM Celgene beats by $0.01, reports revs in-line; guides FY09 EPS below consensus, revs below consensus; co reports drug numbers (CELG) 52.20 : Reports Q4 (Dec) earnings of $0.43 per share, $0.01 better than the First Call consensus of $0.42; revenues rose 52.3% year/year to $623 mln vs the $621.7 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $2.05-2.15 vs. $2.18 consensus; sees FY09 revs of $2.6-2.7 bln vs. $2.85 bln consensus. Q4 Drug sales: Revlimid $369 mln vs. $371.2 mln First Call Consensus; Thalomid $126.8 mln vs. $132.9 mln First Call Consensus; Vidaza $69.7 mln vs. $70.6 mln First Call Consensus; Alkeran $24.4 mln vs. $19.8 mln First Call Consensus.
7:34AM CONSOL Energy beats by $0.34, reports revs in-line (CNX) 28.94 : Reports Q4 (Dec) earnings of $0.97 per share, $0.34 better than the First Call consensus of $0.63; revenues rose 35.3% year/year to $1.24 bln vs the $1.24 bln consensus. Because of uncertainties surrounding the U.S. and global economies, CONSOL Energy plans to adopt a cautious approach to capital expenditures and cash management, and therefore is altering its usual practice of issuing annual capital expenditure and production projections. Co expects to limit capital spending in the early part of the year in order to retain the ability to adjust spending to prevailing economic conditions. Furthermore, co expects to continue expenditures on projects, such as overland belt projects or longwall face extensions. However, the CNX doesn't expect to commit the entire authorized capital budget for coal until it has a clearer understanding of the state of the economy and demand for coal.
7:18AM Dominion beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line, FY10 above consensus (D) 35.69 : Reports Q4 (Dec) earnings of $0.72 per share, $0.03 better than the First Call consensus of $0.69; revenues rose 14.4% year/year to $4.17 bln vs the $3.51 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.85-0.90 vs. $0.99 consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.26 consensus. Sees 2010 EPS of $3.33-3.50 vs $3.31 consensus . Assuming a return to normal economic conditions, we expect to again grow operating earnings per share 6 percent or more annually beginning in 2011. The increase in fourth-quarter 2008 operating earnings is primarily attributable to lower outage costs at the company's generating units; a lower effective tax rate; lower operating and maintenance expenses at the regulated electric utility; and higher contributions from the company's merchant generation business. These positives were partially offset by the exclusion of Peoples Natural Gas and Hope Gas, Inc. from operating earnings beginning in 2008.
7:18AM L-3 Comms beats by $0.10, beats on revs; guides FY09 EPS below consensus, revs in-line (LLL) 79.83 : Reports Q4 (Dec) earnings of $2.04 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $1.94; revenues rose 5.4% year/year to $4.01 bln vs the $3.87 bln consensus. Co issues mixed guidance for FY09, sees EPS of $7.12-7.32 vs. $7.41 consensus (previous range $7.30-7.50); sees FY09 revs of $15.5-15.7 bln vs. $15.65 bln consensus (previous range $15.4-15.7 bln). Co estimates FY09 operating margin at 10.4% vs previous estimate of 10.7%. Co records funded Q408 orders of $4.3 bn vs $3.8 bln in Q407. Funded backlog increased 21% to $11.6 bln at Dec. 31, 2008 from $9.6 bln at Dec. 31, 2007.
7:12AM Textron beats by $0.05, misses on revs; guides FY09 EPS below consensus, revs below consensus (TXT) 13.30 : Reports Q4 (Dec) earnings of $0.40 per share, excluding a number of special charges, $0.05 better than the First Call consensus of $0.35; revenues rose 0.4% year/year to $3.61 bln vs the $3.68 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.00-1.50, excluding restructuring charges of ~$40 mln, vs. $2.39 consensus; sees FY09 revs of $12.50 bln vs. $13.63 bln consensus. Co says, "Economic conditions continued to weaken during the fourth quarter, significantly impacting our Industrial and TFC businesses; however, for the year, we had strong performance at Bell, Cessna and Textron Systems... Economic conditions continued to weaken during the fourth quarter, significantly impacting our Industrial and TFC businesses. However, for the year, we had strong performance at Bell, Cessna and Textron Systems. Combined backlog at Cessna, Bell and Textron Systems was $23.2 billion at the end of the fourth quarter, up $4.4 billion from the end of last year."
7:08AM Raytheon beats by $0.02, reports revs in-line; guides FY09 EPS in-line, revs in-line (RTN) 49.67 : Reports Q4 (Dec) earnings of $1.13 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.11; revenues rose 2.6% year/year to $6.16 bln vs the $6.21 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.45-4.60, excluding non-recurring items, vs. $4.57 consensus; sees FY09 revs of $24.3-24.8 bln vs. $24.68 bln consensus (unchanged from 10/08 guidance). Co ended FY08 with a backlog of $38.9 bln, up 6% compared to $36.6 bln at end of 2007.
7:06AM Zimmer Hldgs reports EPS in-line, misses on revs; guides FY09 EPS below consensus (ZMH) 43.05 : Reports Q4 (Dec) earnings of $1.00 per share, in-line with the First Call consensus of $1.00; revenues fell 4.0% year/year to $1.03 bln vs the $1.09 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.85-4.00 vs. $4.23 consensus. The Company expects full-year revenues for 2009 to increase between 1% and 3% on a constant currency basis, with revenues anticipated to be flat in the first half of the year and improving thereafter. Assuming foreign currency exchange rates remain near year-end 2008 levels, the Company estimates that foreign currency translation will reduce revenue by approximately 4% for the full year 2009. Adjusted diluted earnings per share are expected to show negative growth in the first three quarters with positive growth in the fourth quarter.
6:48AM AutoNation beats by $0.01, misses on revs (AN) 9.24 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues fell 33.9% year/year to $2.74 bln vs the $3.06 bln consensus. Co said, "We agree with industry projections that the 2009 SAAR will be in the range of 11 million new vehicle units with obvious weakness in the first half of the year. In this environment, we believe we will be able to manage within all financial covenants." The Company also announced that it has obtained consents under its framework agreements with manufacturers in order to eliminate any potentially adverse consequences under such agreements in the event that ESL Investments, Inc., the Company's largest stockholder, were to acquire over 50% of the Company's common stock. ESL currently owns approximately 45% of the Company's outstanding common stock.
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